Dominion Petroleum announces that Michael Garland, the Company's Chief Executive, is stepping down from the Board with immediate effect, to pursue other interests. Justin Dibb, the Company's Managing Director, will assume the additional role of acting Chief Executive. Together with the executive team that includes Rob Shepherd, Dominion's Finance Director, and Andrew Robinson, Exploration Director, he will continue to manage the Company through an important stage of its development.
Mr. Garland continues to hold a significant interest in Dominion Petroleum and has also entered into an agreement to provide consultancy services to the Company for a period of 12 months. He therefore remains firmly committed to Dominion's future success.
"On behalf of everyone involved with Dominion Petroleum, I would like to thank Mike for the contribution he has made as Chief Executive," said Roger Cagle, Dominion's Chairman. "He was instrumental in assembling an impressive portfolio of exploration assets in East Africa and in securing funding for the Company and bringing it to market. Now that a qualified executive team is in place, he has concluded that the time is right for him to focus on other opportunities that would not allow him to devote his attention to the full time management of the Company. We wish him well and will, of course, continue to benefit from his considerable commercial knowledge and expertise."
"Having brought Dominion Petroleum to this stage of its development, it makes sense for me to leave the day-to-day running of the business in the capable hands of Justin, Rob and Andrew," said Michael Garland. "I remain available to help them in any way that I can. I have thoroughly enjoyed the experience of building up Dominion and I look forward to the personal satisfaction and economic reward as they steward the Company to future success."
Dominion is an independent energy company domiciled in Bermuda and dedicated to exploration for new oil and gas reserves in East and Central Africa.
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